Oxford Bioscience Partners closed its second fund last week - Oxford Bioscience Partners II - an $81.5 million fund that will continue the firm's focus in the biotechnology and health science sectors. A key difference between the new fund and Oxford Bioscience Partners I, a $54 million fund closed in 1993, is this fund will have less exposure to biotechnology.

"The old fund was about two-thirds biotech, with the remaining third in health care services," said Jonathan Fleming, one of Oxford's four general partners. "The percentage might even out a bit, with biotech representing 50 percent or slightly more." Oxford will continue to participate in seed and early-stage venture rounds, averaging $2-$5 million per deal, he said.